Oil prices rose in early trading as the United States announced further attacks for the ninth consecutive night. Iran has responded to the strikes by striking US friends in the Middle East. Brent crude, the international benchmark, increased 3.2% to $90.95 per barrel, while US benchmark crude rose 2.8% to $84.04 per barrel.
The US and Iran continue to exchange strikes, which are proving to be deadly for both sides,” ING commodities strategists Warren Patterson and Ewa Manthey said on Monday.”If this escalation continues, we risk returning to an environment of widespread attacks across the Persian Gulf,” they added.Elsewhere, AI-related stocks, notably chipmakers, fell on Friday, dragging global markets down. Pledges of massive AI spending are raising concerns that the sector is in a bubble, and many investors have chosen to sell to lock in profits from recent strong increases.
The return to war in the Strait of Hormuz may start to weigh more heavily on financial markets before too long, particularly if even strong tech earnings reports continue to be met with skepticism,” Jonas Goltermann, chief markets economist at Capital Economics, wrote in a note Monday.
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